$ACR-PD

Resource Capital Corp.

CIK:0001332551|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
CRE loans	$ 38,262	$ 28,497	$ 71,204	$ 56,966
Other	138	334	1,556	591
Total interest income	38,400	28,831	72,760	57,557
Interest expense	27,881	20,264	52,995	43,387
Net interest income	10,519	8,567	19,765	14,170
Real estate income:
Hospitality	8,809	8,867	15,717	15,642
Rental	1,621	4,406	3,260	8,997
Total Real estate income	10,430	13,273	18,977	24,639
Other revenue	31	33	62	66
Total revenues	20,980	21,873	38,804	38,875
OPERATING EXPENSES
General and administrative	2,722	2,736	5,758	5,895
Real estate expenses
Hospitality	8,313	8,597	16,119	16,833
Rental	2,210	4,752	4,114	9,858
Total Real estate expenses	10,523	13,349	20,233	26,691
Management fees - related party	1,564	1,601	3,125	3,232
Equity compensation - related party	4,893	585	5,433	1,400
Corporate depreciation and amortization	18	20	37	38
Merger and internalization costs	5,111	0	5,111	0
Provision for (reversal of) credit losses, net	1,683	(780)	716	(2,497)
Total operating expenses	26,514	17,511	40,413	34,759
Net interest and other revenues less operating expenses	(5,534)	4,362	(1,609)	4,116
OTHER INCOME (EXPENSE)
Equity in earnings (losses) of unconsolidated subsidiaries	430	(669)	675	(1,161)
Gain on sale of investment in real estate	0	0	3,336	0
Other income	82	638	105	722
Total other income (expense)	512	(31)	4,116	(439)
INCOME (LOSS) BEFORE TAXES	(5,022)	4,331	2,507	3,677
Income tax expense	0	(7)	(1)	(83)
NET INCOME (LOSS)	(5,022)	4,324	2,506	3,594
Net income allocated to preferred shares	(5,096)	(5,282)	(10,210)	(10,595)
Net (income) loss allocable to non-controlling interests, net of taxes	(2,401)	226	(5,838)	410
Net loss allocable to common shares	$ (12,519)	$ (732)	$ (13,542)	$ (6,591)
NET LOSS PER COMMON SHARE - BASIC	$ (1.87)	$ (0.1)	$ (2.04)	$ (0.9)
NET LOSS PER COMMON SHARE - DILUTED	$ (1.87)	$ (0.1)	$ (2.04)	$ (0.9)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	6,693,915	7,250,624	6,626,763	7,306,123
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - DILUTED	6,693,915	7,250,624	6,626,763	7,306,123

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,506	$ 3,594
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (reversal of) credit losses, net	716	(2,497)
Depreciation, amortization and accretion	4,582	7,119
Amortization of stock-based compensation	5,433	1,400
Gain on sale of investment in real estate	(3,336)	0
Equity in (earnings) losses of unconsolidated subsidiaries	(675)	1,161
Changes in operating assets and liabilities	(2,839)	(3,574)
Net cash provided by (used in) operating activities	6,387	7,203
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal fundings of CRE loans	(499,212)	(103,934)
Principal payments received on CRE loans	174,162	133,596
Proceeds from sale of CRE loans	29,140	31,730
Investments in real estate	(481)	(2,227)
Proceeds from sale of investment in real estate	20,000	0
Investments in unconsolidated entities	(320)	(4,558)
Purchases of furniture and fixtures	0	(106)
Principal payments received on loan - due from Manager	125	125
Net cash (used in) provided by investing activities	(276,586)	54,626
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchase of common stock	0	(9,449)
Offering costs	(6)
Proceeds from borrowings:
Securitizations	879,499	0
Senior secured financing facility	13,576	0
CRE - term warehouse financing facilities	8,447	56,640
Mortgages payable	1,532
CRE - term reinvestment financing facility	55,463	907,601
Payments on borrowings:
Securitizations	0	(865,078)
Senior secured financing facility	(20,172)
CRE - term warehouse financing facilities	(534,761)	(131,565)
Mortgages payable	(39)	0
CRE - term reinvestment financing facility	(161,197)	(18,708)
Payment of debt issuance costs	(7,188)	(3,366)
Contributions from non-controlling interests	1,279	0
Distributions paid on preferred stock	(10,245)	(10,657)
Net cash provided by (used in) financing activities	226,188	(74,582)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(44,011)	(12,753)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	85,958	57,603
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 41,947	$ 44,850

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS:
Cash and cash equivalents	$ 41,098	$ 83,768
Restricted cash	849	2,190
Accrued interest receivable	33,636	27,259
CRE loans	2,128,879	1,830,367
Less: allowance for credit losses	(21,114)	(20,398)
CRE loans, net	2,107,765	1,809,969
Loan receivable - due from Manager	$ 10,250	$ 10,375
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Investments in unconsolidated entities	$ 30,253	$ 29,237
Properties held for sale	90,899	90,825
Investments in real estate, net	58,975	76,415
Right of use assets	19,298	19,545
Intangible assets	5,778	6,221
Other assets	7,877	6,560
Total assets	2,406,678	2,162,364
LIABILITIES
Accounts payable and other liabilities	12,694	7,482
Management fee payable - related party	$ 521	$ 0
Other Liability, Related Party [Extensible Enumeration]	us-gaap:RelatedPartyMember	us-gaap:RelatedPartyMember
Accrued interest payable	$ 6,911	$ 6,814
Borrowings, net	1,783,346	1,544,938
Lease liabilities	46,253	45,942
Distributions payable	3,422	3,457
Accrued tax liability	67	8
Liabilities held for sale	3,233	3,131
Total liabilities	1,856,447	1,611,772
EQUITY
Common stock, par value $0.001: 41,666,666 shares authorized; 7,131,101 and 6,887,451 shares issued and outstanding (including 55,559 and 328,586 unvested restricted shares)	7	7
Additional paid-in capital	1,147,836	1,142,410
Accumulated other comprehensive loss	(965)	(1,603)
Distributions in excess of earnings	(733,570)	(720,028)
Total stockholders’ equity	413,318	420,796
Non-controlling interests	136,913	129,796
Total equity	550,231	550,592
TOTAL LIABILITIES AND EQUITY	2,406,678	2,162,364
8.625% Series C Preferred Stock
EQUITY
Preferred stock, value	5	5
7.875% Series D Preferred Stock
EQUITY
Preferred stock, value	$ 5	$ 5